Greenhouse Gas Reduction Fund

The Greenhouse Gas Reduction Fund (“GGRF”) is new initiative administered by the Environmental Protection Agency to provide $27 billion in funding to support the national roll-out of the green banking model, including supporting deployment of clean energy and energy efficiency technology. The Connecticut Green Bank applauds Congress and President Biden for signing the Inflation Reduction Act (“IRA”), which included the GGRF.

The EPA has announced that the GGRF will be divided into three separate competitions. Learn more about each of them below, and how the Connecticut Green Bank is working to attract these federal funds to help support the Connecticut green economy!

This $14 billion competition will fund 2-3 national nonprofits that will partner with private capital providers to deliver financing at scale to businesses, communities, community lenders, and others, catalyzing tens of thousands of clean technology projects to accelerate our progress towards energy independence and a net-zero economic future.

The Connecticut Green Bank is working with a coalition of green banks and capital providers from across the country to envision how these projects can help contribute to a greener future.

The Green Bank has provided the EPA with both written and verbal public comments on the National Climate Investment Fund competition:

This $6 billion competition will fund 2-7 hub nonprofits with plans and capabilities to rapidly build the clean financing capacity of networks of public, quasi-public (e.g. the Connecticut Green Bank), and non-profit community lenders to ensure that households, small businesses, schools, and community institutions in low-income and disadvantaged communities have access to financing for cost-saving and pollution-reducing clean technology projects.

The Connecticut Green Bank is working with a coalition of capital providers from across the region to envision how these projects can help contribute to a greener future.

The Green Bank has provided the EPA with both written and verbal public comments on the Clean Communities Investment Accelerator competition:

This $7 billion competition will provide up to 60 grants to states, Tribal governments, municipalities, and nonprofits to expand the number of low-income and disadvantaged communities that are primed for investment in residential and community solar – enabling millions of families to access affordable, resilient, and clean solar energy.

The Connecticut Green Bank has partnered with agencies across the State, including the Department of Energy and Environmental Protection and the Public Utilities Regulatory Authority, to assemble a state-wide vision of how this funding can be used to further expand and improve our existing solar deployment programs.

The Green Bank has provided the EPA with both written and verbal public comments on the Solar for All competition:

Solar for All Request for Applications (RFI) – The Connecticut Consortium is accepting written comments on initiatives to include in its application to the EPA’s Solar for All Request for Applications that can support the successful implementation of the state’s public policies. In addition, a public meeting will be held on August 24, 2023, at 1:00 p.m.
For more information please click here to read the notice.

While working to develop these three competitions, the EPA requested input from all interested parties. The Green Bank provided both written and verbal public comments:

Several organizations that work closely with the Green Bank also provided input to the EPA during this process:

Interested in learning more about how the Green Bank is contributing to the Greenhouse Gas Reduction Fund? There are a number of opportunities for learning and engagement, including: